The way out of this mess begins by getting back to mainstream economics
It’s been a while since we have heard any “climate emergency” declarations. In case you’ve forgotten, they were all the rage before COVID hit. Now we are hearing about a different emergency, namely soaring fuel prices, in response to which governments are demanding the fossil fuel sector do what they spent the last 20 years ordering it not to do: increase capacity and output.Article content
Rhetoric about climate change being an “existential threat,” a “crisis,” an “emergency” and even an “extinction-level event” has come, not just from overheated activists, but also from corporate leaders, bankers, bureaucrats, politicians, United Nations officials and more than a few scientists.Article content
There are some famous exceptions, such as Mark Carney. But the mainstream of the profession thinks this way. How do I know? Partly because in 2018 the Nobel Prize committee for economics gave the award to Yale’s William Nordhaus for work on the economics of climate change that showed, among other things, both that aggressive emission reductions were costlier than doing nothing and that the optimal course of action would be to reduce emissions to only slightly below the business-as-usual case.
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